Successive Rate Rise by RBI to tame Inflation hit Real Estate Sector Frowning
No Comments Sub Category:Community,Realty News Posted On: Sep 17, 2011
Pradeep Jain the Chairman of the Confederation of Real Estate Developers’ Association of India (CREDAI) and chairman of Parsvnath Developers reported saying that they were not expecting in sales during the festive season. However the good buying in the festive season is the main mantra, but these rate increases have resulted in the cost of funds expensive for the developers and buyers. R R Singh the officer of National Real Estate Development Council also reported saying that the rate rise has made matters worse and the home buyers are in a state of confusion in regard with the purchase plans. Sanjay Sharma the managing director of Qubrex, a real estate consultancy firm reported saying that the consumers will continue buying the property where they believe that completion is imminent. The property market is affected by the rise in interest rates. Most developers are experiencing a downfall in sales nearly by 60-70 per cent. However the hope is that the sales during this festive season seems to go down by hit of 25 basis point increase.
Source: Business Standard
Tags:
Confederation of Real Estate Developers’ Association of India, GDP growth, Jones Lang LaSalle India, National Real Estate Development Council, Parsvnath Developers, Qubrex
